1.Weapons of Mass Destruction--A mythical concept that lives in the minds of paranoid, old, white guys and is used to scare the public and gather support for attacking another country.
(also see bogeyman)
2.A term used to generate income for Haliburton.
3.Something that the US is permitted to own, but reserves the right to determine which other countries may also own them.

If we can convice Americans that Iraq has WMDs, we can kick the snot out of them and pay Haliburton to rebuild the place.